Lahmansville, West Virginia Property Taxes
The median property tax rate in Lahmansville, WV is 0.72%, aligning with the state median but considerably lower than the national median of 0.99%. With a median home value of $96,100 in Lahmansville, the typical annual property tax bill amounts to $931, significantly below the national median of $2,690. Property taxes in Lahmansville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lahmansville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Lahmansville or another part of Mineral County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lahmansville, West Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$692
Ownwell’s Lahmansville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lahmansville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lahmansville to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lahmansville, West Virginia
Property taxes in Lahmansville, West Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lahmansville is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Lahmansville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lahmansville estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Lahmansville's effective property tax rate to other areas in West Virginia and the national median. For comparison, the 26731 zip code has the highest median property tax rate of 0.72%, while the same zip code also has the lowest median tax rate of 0.72%. Understanding how these areas compare with Lahmansville provides valuable insights into the varying tax landscape across Mineral County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lahmansville Tax Rate
0.72%
Average Mineral County Tax Rate
0.72%
Average West Virginia Tax Rate
0.72%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lahmansville, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26731 | 0.40% | 0.57% | 0.72% | 0.72% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Lahmansville, West Virginia
In Lahmansville, West Virginia, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Mineral County Assessor's Office for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Lahmansville, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Lahmansville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 26731 has the highest median tax bill at $931, which is the same as the lowest in the area.
Property Tax Assessment Values Across Lahmansville, West Virginia
Source: Ownwell
$28,200
$78,150
$128,100
Average Lahmansville Assessed Value
$96,100
Average Mineral County Assessed Value
$84,700
Average West Virginia Assessed Value
$80,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lahmansville, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26731 | $64,540 | $78,700 | $96,100 | $163,200 | $186,720 |
Source: Ownwell
Property Tax Bills Across Lahmansville, West Virginia
In Lahmansville, Mineral County, WV, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The median home price in this area is $96,100. To calculate the tax bill, the assessed value is multiplied by the local tax rate. Homeowners in Lahmansville can expect to pay a median property tax bill that falls between the 25th percentile of $688 and the 75th percentile of $1,128, with the 90th percentile reaching up to $1,321. Several factors influence the assessed value, including the home's market value, location, and property improvements. These taxes fund essential public services like schools, emergency services, and infrastructure maintenance, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, homeowners in Lahmansville experience a relatively moderate tax burden. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Lahmansville Tax Bill
$931
Average Mineral County Tax Bill
$634
Average West Virginia Tax Bill
$607
Average United States Tax Bill
$2,690
Property Tax Bills Across Lahmansville, West Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 26731 | $369 | $688 | $931 | $1,128 | $1,321 |
Source: Ownwell